[jt1]

My two cents: I think this hand is very similar to the one I posted.

If villain has alot of outs (or great odds) then you are only making a tiny bit extra by charging him the maximum.

But if he has few outs (or lousy odds)then relatively speaking you gain quite a lot by letting him bluff at you.

In my hand, villain had just 6 outs in a 2 bb pot counting from the flop. He was only getting 2-1 to try and bet me off a hand. I gain more from him bluffing than I do from getting him to fold.

In your hand, villain had 11 outs in a bigger pot. His odds were fantastic. By charging him the maximum your edge only increases from 12-5 to 12-6. But if he had only 3 outs then those odds suck and you want him to keep at it.

It'd have been better to assume that villain had very few outs.